The Malaysian Securities Commission registered three cryptocurrency exchanges like Luno Malaysia, Sinegy Technologies, and Tokenize Technology. The approval is a conditional one.
The Australian law requires that cryptocurrencies should be registered. The changes that have been approved recently will have nearly nine months to complete the formalities for the compliance with SC regulatory norms.
David Low, General Manager stated, these three exchanges are the only registered exchanges operating in Malaysia. He further added, “We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of cryptocurrencies and digital assets, which we believe are the future of money. The regulation will ultimately bring clarity and protection to consumers, and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds.”
The SC Capital Markets and Services have introduced a Prescription of Securities, Digital Token, and Digital Currency.
Cryptocurrencies have been previously classified as securities. Per the Legal Purview of the Securities Commission, cryptocurrency is a security.
The SC has proposed regulations for the Initial Coin Offering as one of its agenda in the regulatory process. The SC has published two papers addressing the public in this regard.
Malaysia is one of the tourist cities. Plans are underway to make Malaysia one of the tourist cities with a decentralized payment system. The Malaysian City of Malacca will become the first tourist city on the blockchain. The development is happening in 835 acres of Malacca.
This project is known as the Melaka Straits City, and it consists of using cryptocurrency exclusively in the territory. The Melaka Strait City will be focusing more on tourism. However, the city will also provide with education and business services to interested parties.
Visitors will be able to make their cryptocurrency payments through the DMI Coin platform, which will focus exclusively on DMI coin payments.
This city, according to experts, might become the most prominent tourist attraction in Malaysia, and more than 3 million travelers will visit the city annually.
Previously, SC cracked down unregistered crypto exchanges, thereby stopping all unregistered operations. Cryptocurrency exchanges cannot function without the approval of the SC.
The Real Cryptocurrency Exchange with its headquarters in Seychelles is a cryptocurrency company which has its headquarters in Bueno Aires. By 2020, TRCE has plans to expand its operations to Thailand, Malaysia, UK, Czech Republic, Kenya, Ghana, and Thailand. The core objectives were to establish a premium quality service for users with round the clock services and a streamlined approach in KYC onboarding.
